FTCINasdaqSemiconductors & Related DevicesFiscal year ends December 31
FTC Solar, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$1.57−0.04 (-2.48%)
Close on Oct 19, 2026
- Market cap
- $25.20M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
-0.9%−2.8 pts over 5 years
Operating margin
-35.5%−26.5 pts over 5 years
Net margin
-79.8%−71.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +110.5% | -6.8% | -11.9% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 3204.0% | 665.3% | |
| Return on assets | – | – | -78.9% | |
| Current ratio | – | 1.10 | 1.43 | |
| Debt to equity | – | 0.24 | – | |
| Net debt to EBITDA | – | 1.87× | – | |
| Interest coverage | – | – | -4.3× | |
| Inventory turnover | – | – | 10.2× | |
| Capex to revenue | – | 0.1% | 1.1% | |
| Diluted shares | – | 7M | 14M |
Where the cash went
Fiscal 2021 to 2025, five years combined
FTC Solar generated $308.16M from operations and spent $59.76M on capital expenditure, dividends and share buybacks. 9% of that went back into the business.
Generated
$308.16M
Used
$59.76M
Capital expenditure$5.60M9%Dividends$00%Share buybacks$54.16M91%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-79.8%
×Asset turnover0.99×
×Equity multiplier-8.43×
=Return on equity, FY2025665.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -79.8% | 0.99× | -8.43× | 665.3% |
| FY2024 | -102.6% | 0.44× | 2.61× | -119.3% |
| FY2023 | -39.6% | 0.99× | 2.00× | -78.0% |
| FY2022 | -80.9% | 0.65× | 1.80× | -95.2% |
| FY2021 | -39.4% | 1.72× | 2.09× | -141.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$79.58M
- Cash generatingOperating cash flow above zero-$33.44M
- Return on assets improvedROA up on the prior year-39.5% → -88.5%
- Earnings backed by cashOperating cash flow above net income-$33.44M vs -$79.58M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.55 → 1.43
- No dilutionShare count did not rise13M → 14M
- Gross margin improvedGross margin up on the prior year-26.59% → -0.88%
- More efficientAsset turnover rose0.38 → 1.11